Luxury deals slide 20pc

PUBLISHED : Friday, 28 May, 1999, 12:00am
UPDATED : Friday, 28 May, 1999, 12:00am

Transactions in the second-hand luxury sector have dropped by at least 20 per cent this month compared with last month, according to property agents.

They attributed the drop to the release of primary projects such as the Waterfront at Kowloon Station and The Belcher's in Pokfulam.

FPDSavills Realty managing director Frank Marriott said these projects had absorbed much of the demand in the luxury sector.

According to FPDSavills, luxury flat sales were down about 20 per cent since last month while luxury house transactions remained stable.

Agents said luxury sector sales would be tough for the next few months.

However, prices would settle at present levels, they said.

Despite the downturn, sales activity this month was much better than January and February, which had suffered due to the Lunar New Year, they said.